CORRECT: Bayer profit tops forecasts, ups heathcare guidance

SarahTurner

LONDON (MarketWatch) -- German pharmaceutical and chemical company Bayer
BAY, +9.09%BAYN, +0.26%
said Monday that its third-quarter net income dropped to 320 million euros, or 0.42 euros a share, from 493 million euros, or 0.68 euros a share. The company took a 335 million euro charge in the quarter, mostly due to the integration of Schering. Sales rose 26% to 7.78 billion euros. The company was expected to report net income of 201 million euros on sales of 7.7 billion euros, according to figures published on its website. "The successful acquisition of Schering has provided an additional boost to our business," said chairman Werner Wenning, noting that the results were primarily driven by performance at its healthcare business. Bayer raised the fiscal-year forecast for its healthcare operations, saying that it's expected to show an underlying earnings before interest, tax, depreciation and amortization margin of 22% for the year. The company is also aiming to significantly improve underlying earnings in 2006. (Corrects year-ago earnings per share figure.)

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